FX.co ★ Elliott wave analysis of GBP/JPY for November 16, 2020

A push through minor resistance at 138.51 will confirm that the correction from 140.32 is complete and a new impulsive rally is unfolding towards 140.32 and above towards the former peak at 142.72 and ultimately above here too, for a rally closer to 147.51.

Important support remains seen at 137.51 and only a break below here will indicate that the correction from 140.18 still is in motion, but the potential downside should be very limited.

R3: 140.17

R2: 139.06

R1: 138.51

Pivot: 138.14

S1: 137.93

S2: 137.51

S3: 137.16

Trading recommendation:

We are long GBP from 135.45 with our stop placed at 137.45